Dr. Dre is about to get paid.
A Financial Times report has revealed that Dr. Dre and Jimmy Iovine are in talks with Apple to sell Beats audio–which includes both the Beats by Dre headphone line and the newly launched Beats Music service–for 3.2 billion dollars.
Apparently, the conversation between the two companies started in 2013, when Tim Cook and Jimmy Iovine, the CEO’s of Apple and Beats Audio, sat down and had several conversations. It’s worth noting that Beats products are already sold in most Apple stores, and Apple’s new music streaming service, iTunes Radio, is a direct competitor of Beats Music, which Iovine and Dr. Dre debuted earlier this year.
It is also worth noting that the finalization of this deal would immediately make Dr. Dre hip-hop’s first billionaire. Last month, a Forbes report placed the The Chronic producer second on the Wealthiest Artists in Hip-Hop list, at a reported $550 million, second to Diddy‘s $700 million tag. Most believed Puff’s latest business venture, Revolt, in addition to being the face of Ciroc, would most likely help vault him to billionaire status, but should this deal go through, which many expect it may, Dr. Dre will be leapfrogging him in a major way, and putting significant distance between himself and the rest of the competition, which includes Jay Z & 50 Cent.